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USD/JPY in Holding Pattern, Just Above Y104.00 Pre-Fed

JPY

USD/JPY continues to trade inside a tight 10 pip range over the past few hours as markets sit on their hands ahead of the FOMC rate decision and press conference in just over 20 minutes' time.

The pair took the lead from the greenback earlier Wednesday, with the USD gaining against all others in pre-Fed position squaring.

The upside in USD/JPY clashes with lower equities across the US and Europe, with the e-mini S&P opening a gap with the all time highs printed yesterday at 3862.25.

MNI Tech writes that focus remains on the bear channel resistance. A close above this mark (today crossing at 103.95) would open a move toward the Nov24 High at 104.76.

MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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